Speaking in Brussels at a meeting of EU foreign ministers on Monday, Sikorski said the package remains ambitious and has yet to be approved, but negotiations are advancing.
"We still haven't been able to pass the 21st sanctions package, and it's an ambitious one, but we hope that by Wednesday it will pass at the ambassadorial level," Sikorski said, adding that "intensive talks and negotiations" were underway.
The urgency stems from a scheduled adjustment to the price cap on Russian seaborne oil. The EU's cap is set at 15 percent below the average market price over the preceding six months, limiting Moscow's revenue from oil sales.
But the mechanism was not designed to handle market shocks such as the closure of the Strait of Hormuz, which has driven global oil prices higher.
If no agreement is reached, the cap would automatically rise from USD 44 to USD 58 a barrel on Wednesday—a jump that would boost revenue flowing to the Kremlin.
One provision of the proposed package would freeze the cap at its current level.
According to public broadcaster Polish Radio's Brussels correspondent Beata Płomecka, a preliminary agreement has been reached on a fixed cap, though for three months rather than the six proposed by the European Commission.
That provision is one of the package's central elements, but not the only sticking point.
Sikorski confirmed that the toughest dispute concerns the transit of Russian liquefied natural gas through EU waters, an issue on which Greece has sought clarification.
Austria, meanwhile, is pushing to protect the interests of Raiffeisen Bank, which has remained in Russia despite the war and was ordered by a Russian court to pay a EUR 2 billion fine. One proposal under discussion would unfreeze assets belonging to a Russian oligarch as compensation.
Sikorski also called for sanctions on Russian energy companies, including Lukoil and Rosatom, saying such measures should form part of a future 22nd sanctions package.
"Russia has already destroyed four-fifths of Ukraine's power generation capacity. It seems like a natural next step, so that Putin finally understands he cannot win this war, and that the cost to the Russian economy is starting to become ruinous," Sikorski said.
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Source: Polish Radio